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Ward calls for coordinated action by BoE and DMO

New Star chief economist Simon Ward has called for coordinated action by the Bank of England and Debt Management Office to extend up to £40bn of longer-term funding to banks to finance mortgage lending.

Ward says there needs to be a further shift in the Bank’s market operations towards longer term lending. He also suggests widening the definition of eligible collateral for all longer-operations to include mortgages.

Another proposal would be the immediate repayment by the DMO of remaining government borrowing from the Bank to release funds for additional lending to banks.

Ward says there should also be extra gilt issuance by the DMO, with the proceeds deposited at the Bank for onward lending to banks.

Lastly, Ward calls for the introduction by the DMO of a “term securities lending facility.”

He says: “Cutting bank rate against a backdrop of accelerating prices and a tumbling pound risks entrenching high inflation expectations. The authorities should deploy their full arsenal of market measures before lowering official rates again.”


AWD Moneyextra and wealth management arm to merge under one brand

AWD Chase de Vere is to merge the AWD Moneyextra telephone operations with its wealth management advisory operation. The AWD Moneyextra online business will be run and developed as a separate operation. As part of the restructuring, AWD Moneyextra managing director Mark Fleet will be leaving the business by mutual consent. AWD Group chief executive office […]

UNIFi Partners opens its unsecured portal

UNIFi Partners has announced it is to open its unsecured portal to affinity partners.The portal is currently available for use by its broker members but UNIFi says it will now accept applications through lenders who have declined loans to customers but would still like to find them a product. UNIFi launched the portal last year […]

A&L reduces standard variable rate following base rate cut

Alliance & Leicester is responding to the Bank of England’s base rate cut this week by reducing the standard variable rate on its mortgages by 0.25 per cent.   The bank will be changing its SVR for existing mortgage customers from May 2 to 7.19 per cent, down 0.25 per cent from 7.44 per cent.For […]


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